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No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by means electronic, mechanical, photocopying, recorded or otherwise without the prior permission of the copyright holder. www.erpecnewslive.com McLean Events Shell Sells LPG business in Hong Kong to dcc energy Royal Dutch Shell is to sell its liquefied petroleum gas business in Hong Kong and Macau to DCC Energy for £120m as it continues a divestment drive. The oil giant’s interests in the territories date back almost 60 years and it currently supplies infrastructure to service the energy needs of more than 100,000 households. DCC said that under its ownership the business is expected to deliver an annual operating profit of circa £15m. Shell downstream director John Abbott said: “This sale supports Shell’s strategic commitment to focus downstream activities on areas where we can be most competitive. “This is one of the last of our wholly owned LPG businesses and this sale is another step in Shell’s ongoing portfolio optimisation strategy to deliver £30bn of divestments by 2018.” Shell is embarking on an ambitious cost-cutting drive and a £24.6bn divestment initiative. To this end, Shell announced in January that it will sell off a package of North Sea assets for up to £3bn to smaller rival Chrysaor. DCC CEO Tommy Breen said: “It is DCC’s first material step in building its business outside of Europe and gives us a platform for development in the growing LPG market in Asia.” Amazon acquires stake in hydrogen fuel cell maker Amazon has agreed to a deal giving it the right to acquire a 23 percent stake in hydrogen fuel cell maker Plug Power, with plans to use the technology in its network of fulfilment centres. Plug Power, based in Latham, N.Y., said Wednesday that Amazon will spend about $70 million on efficient batteries this year as part of the deal. In total, Amazon will get about a 23 percent stake in the company, in exchange for spending about $600 million on Plug Power items. Amazon will soon begin using Plug Power batteries in forklifts at 11 fulfilment centres. The technology would give machines longer battery life and speed up charging. Plug Power said the batteries require less maintenance and upkeep, allowing employees more time to work on processing orders. Hydrogen fuel cell technology powers only a small percentage of the world’s forklifts and other similar machines, but some big names are getting their hands on the technology. One of Amazon’s top competitors, Walmart, uses the technology in many of its warehouses and is among Plug Power’s top customers. As part of the deal, Plug Power said it will collaborate with Amazon on technology research. One point of emphasis will be expanding the capabilities of Plug Power’s ProGen fuel cell engines. Shell, omv to provide funding for Nord Stream 2 project Shell is among a group of five energy companies who have agreed to stump up funding for the Nord Stream 2 project. Shell, Engie, OMV, Uniper and Wintershall have each committed to provide financing and guarantees for up to 10% of the total cost of the project, which is currently estimated to be £8billion. Each company will provide a longterm funding facility of £240million expected to be drawn down in 2017. In addition, funds of up to £565million will be provided to cover a combination of short and long-term funding and guarantees. The 1,220-kilometer pipeline will be able to transport a total capacity of 55 billion cubic meters of natural gas a year. It will run from the coast of Russia via the Baltic Sea to Greifswald in Germany. Gazprom owns 100% of the Nord Stream 2 project, which would open up another supply route from Russia to Europe that misses out Ukraine. Relations between Moscow and Kiev have been acrimonious since Russia’s annexation of Crimea in 2014. Nord Stream, opened in 2011 and 2012. Exxon Mobil seeking to resume its Russian oil venture Exxon Mobil has reportedly applied to the US Treasury Department for a waiver from US sanctions on Russia, which – if granted – would mean that it can resume its joint venture with Russian-state owned oil giant PAO Rosneft. Citing people familiar with the matter, the Wall Street Journal reported that Exxon had been seeking US permission to drill with Rosneft in areas banned by sanctions. According to one of the people, the company doubled down on efforts for approval in March, shortly after Rex Tillerson, its most recent CEO, became US Secretary of State. Exxon originally applied for a waiver to gain access to the Black Sea in 2015 but the application failed, the person said. Reuters reported that Exxon declined to comment. Any waiver request would be the subject of very close scrutiny by Congress as they look to intensify sanctions on Russia after the US said they used cyber attacks to interfere with the presidential election. 2 erpecnews is published by McLean Events, Conferences and Media Ltd.
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